FX.co ★ Forecast for GBP / USD pair on February 14, 2019

GBP / USD pair

As expected, the British pound begins a stage of heightened volatility recently. the GBP / USD quotation reached the consolidation range on February 6-8 but could not linger enough for investors to reposition their deals yesterday. However, trading volumes were the largest in the last 7 days, which indicates a simple triggering of protective orders. On the daily chart, the price is currently below the MACD line but we can only talk about price fixation after closing of today's session. There is a risk of re-testing yesterday's high of 1.2958 as the price is held by the balance line on the daily timeframe for the whole previous two days when the pound tried to overcome the MACD line. Also, weak double convergence is formed on the four-hour chart.

Hence, overall, we are waiting for a retest of yesterday's high, which was approached by the MACD line at 1.2958 on the four-hour chart. Fixing of the price below 1.2832 will automatically correspond to the fixation under the daily balance line. A further decrease in the pound is likely to support the nested line of the price channel around 1.2612. To fix the signal, it is worth waiting for the price to leave below the level of 1.2814, which was the maximum of December 31 marked with a tick on the daily chart.